New AI-powered home energy monitoring technologies have the potential to save Brits hundreds of pounds every year on their electricity bills, according to UK energy startup Voltaware. The company claims its users can save up to 30% on their electricity bills, which equates to approximately £285 a year for the average UK household.

Energy bills are already projected to increase in the first quarter of 2024, with energy regulator Ofgem recently bringing its energy price cap up to £1,898 for annual average household bills starting in January, marking an increase of £64, according to research firm Cornwall Insight. 

“We cannot just assume prices will continue to fall and eventually reach pre-pandemic levels,” warns Dr Craig Lowrey, Principal Consultant at Cornwall Insight. “Policies need to be put in place to deal with the possible situation that high energy prices have become the new normal.”

“Going into the new year, there are several simple steps households can take to cut down on their energy bills,” says Sergey Ogorodnov, CEO and Founder of Voltaware. “Identifying where energy is being wasted is a critical first step. Often, forgotten appliances work in standby – sometimes ones that you might never have thought as massive energy consumers such as TVs, phone chargers or microwave ovens. This may happen only during certain times of the day, but without visibility these energy-guzzlers go unchecked and uncorrected.

“Households need much clearer advice on the simple behavioural changes that they can make than they currently get from energy providers. The majority of energy costs come from when tariffs are high, so changing when appliances are used delivers small wins that quickly add up over time. Searching for the right energy tariffs that are best for your energy consumption is a key – but often overlooked step - as many simply just don’t have visibility over what their options are.

“Simple solutions like changing washing machine times, using full cycles, and saving smaller items for manual laundry become the norm when households have a greater awareness of what their washer is costing them per cycle.

“From our research at Voltaware, our average user is currently saving around 10% on their energy bills. Our new AI-powered sensors give users clear and understandable information and insights into how they can change their behaviour and stop spending too much money on the costliest electrical appliances in their homes.

“Plus, in addition to helping you to save money, a home energy monitoring sensor offers users the peace of mind of knowing exactly what appliances are running, and exactly how much each is costing them, even when they are out of the home.”